But even economic dolts like us can recognize a big layoff story, and the Citibank has one. Here, courtesy of the AP, is the very bad news:
Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.Let's get this straight: 53,000 layoffs, as in 3,000 more than 50,000? And this on top of some 20,000 earlier layoffs?
This is a huge number by any standard, and surely a sign of a serious problem at Citibank, which is a major financial institution. When the banks are in trouble, it certainly doesn't sound like a good sign for the rest of us.
UPDATE: On the other hand, maybe the New York AG has a point:
ALBANY, N.Y. (AP) -- New York Attorney General Andrew Cuomo says Citigroup executives should forgo their bonuses this year after the company announced massive layoffs.
Calling the layoffs of 53,000 people "disturbing," Cuomo says top executives shouldn't get bonuses while investors, taxpayers and employees suffer.